Summary of 📊Hammer Pattern indicator for MT5/4 📥Download - Free - [Trading Finder]
The video discusses the Hammer Pattern Indicator available for MetaTrader 4 and 5, detailing how to download, install, and utilize it effectively. The main focus is on identifying bullish and bearish Hammer patterns using this Indicator, which relies on two Moving Averages and specific candle ratios.
Main Financial Strategies and Analyses:
- Hammer Pattern Identification: The Indicator automatically draws bullish and bearish Hammer patterns based on specific conditions met on the price chart.
- Use of Moving Averages: The Indicator utilizes two Moving Averages (fast and slow) to determine market trends and signal potential reversals.
- Candle Ratio Analysis: The effectiveness of the Hammer patterns is enhanced by adjusting the shadow to body ratio and the long to short shadow ratio.
Step-by-Step Guide:
- Download the Indicator: Access the Trading Finder website to download the Hammer Pattern Indicator for MetaTrader 4 or 5.
- Install the Indicator:
- Navigate to the Navigator section in MetaTrader.
- Drag the Indicator file onto the chart.
- Enable the "Allow DLL Imports" option in the settings.
- Click "OK" to apply.
- Set Up Moving Averages:
- Add two Moving Averages to the chart:
- Set the first moving average (slow) to a period of 20 (color: gray).
- Set the second moving average (fast) to a period of 5 (color: red).
- Adjust Indicator Settings:
- Modify the shadow to body ratio (default is 3).
- Adjust the long to short shadow ratio (default is 2).
- Analyze Patterns: Observe the chart for drawn Hammer patterns based on the conditions set (fast moving average above or below the slow moving average).
The video concludes by inviting viewers to share their comments and suggestions regarding the tutorial.
Presenters/Sources:
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Category
Business and Finance